FICC日报：科技股爆发，股指大涨-20250912

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Driven by the significant rise of overseas large - cap technology stocks, domestic semiconductor and communication sectors have also risen substantially. The market's expectation of a bull - market adjustment is lower than anticipated, and the significant increase in trading volume has further warmed market sentiment. Currently, the contango of stock index futures is shallow, providing room for inter - period arbitrage operations [2] - The US inflation is moderately cooling. Domestically, the State Council has approved a two - year factor market reform pilot in 10 regions, covering both traditional and innovative factors. Overseas, the US CPI data in August showed certain trends, and the number of initial jobless claims last week reached a new high since October 2021 [1] - In the spot market, A - share indices rose strongly, with all sector indices closing in the green. The trading volume in the Shanghai and Shenzhen stock markets increased to 2.4 trillion yuan. Overseas, US stock indices hit new highs. In the futures market, the basis of stock index futures rose significantly, and both trading volume and open interest increased [1] 3. Summary by Directory Macro - economic Charts - Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, and US Treasury yields and A - share style trends [5][7][11] Spot Market Tracking Charts - Table 1 shows the daily performance of major domestic stock indices on September 11, 2025. The Shanghai Composite Index rose 1.65% to 3875.31, the Shenzhen Component Index rose 3.36% to 12979.89, and the ChiNext Index rose 5.15% to 3053.75 [13] - Charts include those on the trading volume of the Shanghai and Shenzhen stock markets and margin trading balances [5][14] Stock Index Futures Tracking Charts - Table 2 shows the trading volume and open interest of stock index futures. For example, the trading volume of IF was 169613 (an increase of 38933), and the open interest was 282139 (an increase of 6664) [15] - Table 3 shows the basis of stock index futures. For instance, the basis of the current - month IF contract was 13.97 (an increase of 26.93) [36] - Table 4 shows the inter - period spreads of stock index futures. For example, the spread between the next - quarter and current - month IF contracts was - 31.80 (no change) [39][40] - Relevant charts display the basis, open interest, and inter - period spreads of different stock index futures contracts [5][16][18]